|FOR IMMEDIATE RELEASE|
|Thursday, December 30, 2010||Beth Boustead, Public Information Specialist, 701.328.3039|
Fong: Taxable Sales & Purchases Up During 3rd Quarter
BISMARCK, N.D. – Tax Commissioner Cory Fong announced today that taxable sales and purchases made during July, August, and September 2010 were $3.947 billion, up $863 million or 28 percent compared to the third quarter 2009.
“This is a positive report for North Dakota showing continued growth across the state and across most industry sectors for the third quarter,” said Fong. “North Dakota’s retail trade continued to show strength, and our businesses continue investing and building up inventory levels, in contrast to the national reports of a slow economic recovery.”
Retail trade, the sector often looked to as a measurement of consumer confidence, reported a gain of 7.7 percent compared to the same period for 2009. Inflation during the same time was 1.2 percent.
Thirteen of fifteen industry sectors reported growth during the third quarter of 2010. Compared to third quarter 2009, the wholesale trade sector had the largest growth in terms of dollars, growing $333 million, while the mining and oil extraction sector experienced the largest percentage of growth, increasing by 193.7 percent. The third quarter gains reported in other sectors include: transportation and warehousing, up 77.3 percent; financial, insurance, real estate, rental, and leasing, up 77.1 percent; wholesale trade, up 51.5 percent; miscellaneous, up 27.8 percent; construction, up 15.8 percent; other services grew 13.1 percent; professional, scientific, technical, and management services, up 12.3 percent; arts, entertainment, and recreation, up 8.9 percent; retail trade, grew 7.7 percent; accommodation and food services, up 7.4 percent; manufacturing up 7.1 percent; and educational, health care and social services up 5.9 percent.
Two sectors experienced a decline: the utilities sector was down 26.9 percent; and information industries was down 9.5 percent.
“North Dakota continues to see real growth in most of our industry sectors, even in the midst of a sluggish national economy that continues to affect most other states,” said Fong. “And, early reports from our retail industry point to a level of optimism among consumers as they make their final purchases during the all-important year-end Christmas shopping season.”
Of the 50 largest cities, the biggest percentage increases for third quarter of 2010 were: Tioga, up 185.6 percent; Williston, up 150.9 percent; Lincoln, up 89 percent; New Town, up 84.6 percent; and Stanley, 56.7 percent.
Of the 50 largest cities, the largest percentage decreases for the third quarter were: Cavalier, down 40.7 percent; Park River, down 22.3 percent; Ellendale, down 20.8 percent; Cando down 16.9 percent; and Walhalla, down 10.1 percent.
Counties with the highest percentage increases were Williams, up 155.2 percent; Burke, up 139.9 percent; Mountrail, up 69 percent; McKenzie, up 54 percent; and Dunn, up 52 percent.
The counties with the biggest percentage decreases were Pembina, down 25.5 percent; Towner, down 13.2 percent; Traill, down 12.7 percent; Griggs, down 11.5 percent; and Grant, down 8.6 percent.
Complete North Dakota Sales and Use Tax Statistical Reports from Third Quarter 2010 can be accessed on the web at: www.nd.gov/tax/salesanduse/pubs/reports/2010-3-stat-report.pdf. You can also follow the Tax Department on Facebook! - (64kb pdf).
# # #